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Even as China quickly expands the use of its currency to financial hubs in Asia and Europe this year, bankers are already looking to Canada and Middle East as the next growing regions for their offshore yuan business.Use of the yuan is also percolating into the Middle East at a quicker pace, with China's Agricultural Bank selling the first offshore yuan bond in Dubai in September.The People's Bank of China and the UAE central bank signed a 35 billion yuan currency swap agreement in 2012 and some Middle East countries have announced or indicated plans to diversify their currency reserves into the yuan.In June, the yuan reinforced its position as the seventh most active currency for global payments and accounted for 1.55 percent of payments worldwide.HSBC expects the yuan to be fully convertible within two to three years.
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